topic Re: when should I apply for freedom? in Credit Cards

when should I apply for freedom? Update... I applied

jcstarkey8826 — Tue, 11 Sep 2012 15:32:45 GMT

The chase freedom is the last card I want to add, then cut up my secured PNC card lol My current cards are listed below, although kay and WM not reporting yet.

My TU score is 674 and in MI i see they are heavy TU pullers. I dont want to add anymore cards after this, so tell me if this plan I have is best.

Im eligible for a CLI in November with charter one, from what I can tell it should happen (never know) anyways, I was going to wait until april 13 to get it, expecting my scores in the 680 range and up. Also by april I will have one CC for over a year and 3 over 6 months history. All good. Then I wanted to add my final card... freedom.

What does freedom want to see in your report? I have 2 COs Edit: BOTH PAID, one from 2008 and one from 2009. coming up on 4 years of nothing negative. No CAs, No PRs. 2 Student loans with 6&7 year history no lates. and the CCs below, no lates.

What do you think my chances will be in april?

Re: when should I apply for freedom?

jamesdwi — Tue, 11 Sep 2012 15:08:51 GMT

How important is a high CL to you? If you apply now you would most likely be approved, but given your current CL's on major credit cards I doubt they would give you more than 1k, which sucks since CLI are almost always HP, which makes it painful to grow a good CL with such a low starting point.

Re: when should I apply for freedom?

jcstarkey8826 — Tue, 11 Sep 2012 15:16:11 GMT

honestly, I would only be putting around 1k on it per month. I dont have many bills/expenses. I would just want the ability to grow overtime. Thats all. For example, I stay away from cap one because I will just cut it later. I want cards that will grow with me/provide value.

EDIT: to add info, my cc util is at 26% and both COs are paid.

Re: when should I apply for freedom?

jcstarkey8826 — Tue, 11 Sep 2012 15:32:24 GMT

@jamesdwi wrote:
How important is a high CL to you? If you apply now you would most likely be approved, but given your current CL's on major credit cards I doubt they would give you more than 1k, which sucks since CLI are almost always HP, which makes it painful to grow a good CL with such a low starting point.

Well, when you said Id most likely be approved I went for it lol I got the "we need to review, will get letter 7-10 days blah blah... so I was probably declined. When I call to check the app status it doesnt say declined yet, but can I still call recon? Ive never done that before so I dont know how it works, but I can call the credit analyst number listed here and ask if theyll talk to me. Or do I wait until the status says declined?

Re: when should I apply for freedom?

kobe2012 — Tue, 11 Sep 2012 16:00:10 GMT

@jcstarkey8826 wrote:
@jamesdwi wrote:
How important is a high CL to you? If you apply now you would most likely be approved, but given your current CL's on major credit cards I doubt they would give you more than 1k, which sucks since CLI are almost always HP, which makes it painful to grow a good CL with such a low starting point.

Well, when you said Id most likely be approved I went for it lol I got the "we need to review, will get letter 7-10 days blah blah... so I was probably declined. When I call to check the app status it doesnt say declined yet, but can I still call recon? Ive never done that before so I dont know how it works, but I can call the credit analyst number listed here and ask if theyll talk to me. Or do I wait until the status says declined?

call the backdoor number lister here.... they'll be able to tell you if you were approved or denied... sometimes, they just need to verify some info.. good luck!

Re: when should I apply for freedom?

jcstarkey8826 — Tue, 11 Sep 2012 16:42:24 GMT

declined on recon said everything looked great and Im doing everything right, they just want to see more history with CCs.

It was worth a shot and the good news is she said when I get to a year or so with my charter one that I should be all set. No worries though, My inqs are low and I dont need credit just wanting to start a nice file and get out of toy limits

Re: when should I apply for freedom?

CS800 — Tue, 11 Sep 2012 16:45:02 GMT

@jcstarkey8826 wrote:
declined on recon said everything looked great and Im doing everything right, they just want to see more history with CCs.

It was worth a shot and the good news is she said when I get to a year or so with my charter one that I should be all set. No worries though, My inqs are low and I dont need credit just wanting to start a nice file and get out of toy limits

I would try the executive office recon.

You know what they say with recons? If at first it fails, try calling again. A different credit analyst might think differently.

Re: when should I apply for freedom?

kobe2012 — Tue, 11 Sep 2012 16:46:08 GMT

@jcstarkey8826 wrote:
declined on recon said everything looked great and Im doing everything right, they just want to see more history with CCs.

It was worth a shot and the good news is she said when I get to a year or so with my charter one that I should be all set. No worries though, My inqs are low and I dont need credit just wanting to start a nice file and get out of toy limits

i think you should give it another shot and call again.... diff people, diff answers.... you already took the inquiry...

Re: when should I apply for freedom?

jamesdwi — Tue, 11 Sep 2012 16:49:07 GMT

@kobe2012 wrote:
@jcstarkey8826 wrote:
declined on recon said everything looked great and Im doing everything right, they just want to see more history with CCs.

It was worth a shot and the good news is she said when I get to a year or so with my charter one that I should be all set. No worries though, My inqs are low and I dont need credit just wanting to start a nice file and get out of toy limits
i think you should give it another shot and call again.... diff people, diff answers.... you already took the inquiry...

some here have had to call 3 or 4 times to get an approval.

Re: when should I apply for freedom?

jcstarkey8826 — Tue, 11 Sep 2012 17:08:32 GMT

oh wow thanks guys I will...

When I called to check the status the first time they said I was declined, then I called the recon number and they said "yes, mr. jc... I see we just spoke with you" lol

When I call this time, will they care that Im calling again or should I just say I want to recon the recon lol

Re: when should I apply for freedom?

Anonymous — Tue, 11 Sep 2012 17:16:05 GMT

During a recon, you have to take the reigns and not them. You have to tell that you felt your recent history reflects that you have good payment history and that adding this card and with chase being a great bank it would complete your credit portfolio... so on. Schmooz them up, but keep pointing out your responsibility with your current credit.

Re: when should I apply for freedom?

jcstarkey8826 — Tue, 11 Sep 2012 17:27:02 GMT

thanks, Im a little new to this. That and Im usually over polite to where I get walked on haha

I'll call after work and let you guys know how it goes! thanks for all of the help

Re: when should I apply for freedom? Update... I applied

youngandcreditwrthy — Tue, 11 Sep 2012 18:47:34 GMT

I reconned twice to get my Chase Freedom w a $5k limit AND the second CA even mentioned my first call. You have to be confident, yet nice, when talking to these folks. Explain thoroughly to them what your credit goals are. You have nothing to lose since you already took the HP. Best of luck!

Re: when should I apply for freedom? Update... I applied

jcstarkey8826 — Tue, 11 Sep 2012 18:50:24 GMT

thanks, I will mention that. what did your credit profile look like if you dont mind me asking? Im just scared they are going to be rude and call me out on my 2 old charge offs, even though they are paid. She said they wanted to see more unsecured payment history before they extend another unsecured line... but arent my student loans considered unsecured? I have 7 years of clean history on two of those. Maybe that'll help. Ahhh, I dont know why I get so nervous about it.

Re: when should I apply for freedom? Update... I applied

youngandcreditwrthy — Tue, 11 Sep 2012 19:31:00 GMT

Wow! I haven't even began paying my $30k+ in student loans! Lol

Student loans are a unique breed of credit.
I'd say they are more secured in that you CANNOT discharge them in BK for the most part AND you can get your wages garnish/Social Security benefits taken, etc. if you don't pay.
They are actual "installment loan" history, but still higher credit quality than credit cards.

You likely need "revolving loan" credit history.
At the time of approval, I had a 649 score on Chase's scoring system, one PD CO from 07 ( stupid $280 TXU bill my mom opened before I was 18).
Also had a collection from Midland Credit (now removed) AND from Credit Mgmt Control (now removed) BUT my HH income is like $100k+.

How many cards do you have?

I had 10+ cards w a util of like 15% when they approved on the second recon.

Don't waste inquiries though... I'd try for a GECRB store card if you haven't already.

Re: when should I apply for freedom? Update... I applied

youngandcreditwrthy — Tue, 11 Sep 2012 19:33:37 GMT

I hope you get the Freedom soon or youre gonna miss the 5% CB on gas/restaurants!!! Lol ends 9-30-12!

Re: when should I apply for freedom? Update... I applied

jcstarkey8826 — Tue, 11 Sep 2012 19:47:18 GMT

@youngandcreditwrthy wrote:
Wow! I haven't even began paying my $30k+ in student loans! Lol

Student loans are a unique breed of credit.
I'd say they are more secured in that you CANNOT discharge them in BK for the most part AND you can get your wages garnish/Social Security benefits taken, etc. if you don't pay.
They are actual "installment loan" history, but still higher credit quality than credit cards.

You likely need "revolving loan" credit history.
At the time of approval, I had a 649 score on Chase's scoring system, one PD CO from 07 ( stupid $280 TXU bill my mom opened before I was 18).
Also had a collection from Midland Credit (now removed) AND from Credit Mgmt Control (now removed) BUT my HH income is like $100k+.

How many cards do you have?

I had 10+ cards w a util of like 15% when they approved on the second recon.

Don't waste inquiries though... I'd try for a GECRB store card if you haven't already.

Well, I only took out 10k in student loans over 4 years. that helped, but I also didnt go into a job making $100k+ lol Im happy to get 50-60k lol and am only salaried at 30k.

My cards are in my sig. Im sure they want to see more history. She said to wait 3 months until my card hits the one year mark, but I mean, I havent had a late reported in 4 years... you think im gonna let one hit in three months?!?!!? lol

I understand their reasoning. I'll try one more time. Then call it a day. Like I said, Im happy with what I have. My charter one will grow with me, my kay provided a service/benefit to me with no AF, and my WM card will be a very useful store card. I just wanted to be done with my credit for a bit. Little more to go still

Re: when should I apply for freedom? Update... I applied

youngandcreditwrthy — Tue, 11 Sep 2012 21:18:54 GMT

It's odd to me that they don't value the fact that you've been paying your student loans more than your short revolving history.

Re: when should I apply for freedom? Update... I applied

jcstarkey8826 — Tue, 11 Sep 2012 23:28:40 GMT

That's what I thought. Mentioned that on my second recon attempt and APPROVED! That means my past 3 credit apps were all a success and now I can just watch em grow with me and cut up the secured pnc card!! I have 2 prime and 2 store. I'm ok with that

Re: when should I apply for freedom? Update... I applied

gettnthere — Tue, 11 Sep 2012 23:33:02 GMT

thats awesome, Congrats! it always helps to recon...and then recon again lol. you will really enjoy that card.